British Travellers pay hidden fees on foreign exchange

You’ve booked your flights and your eagerly awaited holiday abroad is right around the corner, which means it’s now time to think about your spending money.

But before you head off to your nearest bank or bureaux de change, you should be careful, as a new report suggests British travellers are paying thousands in hidden currency fees when purchasing their foreign cash.

What do they mean by hidden fees?
The survey shows that many currency providers sell features such as 0% commission or zero fees, drawing our attention away from the true exchange rate they offer.

This way of selling exchange rates means more than half of UK holidaymakers have a hard time when choosing the right rate. This is because the information provided by suppliers such as bureaux de change, post offices and bank can be confusing, so keep this in mind the next time you are ordering holiday cash, and if you aren’t sure of the overall costs of the currency ask for clarification.

Once it’s exchanged do you have the cash covered correctly on holiday?
You need to check your policy wording carefully, as most travel insurers have small limits on the amount of cash you can carry, some as low as a £150 limit. So, when buying your travel insurance, we advise you to do your research, as you can find policies that offer up to £700 cash cover, so keep this in mind if you are taking a large amount of cash away with you.

Sometimes the worst can happen when on holiday, so why risk it? Most travel insurance policies will not cover you if you have cash and valuables stolen from your hotel room and you haven’t use the safe provided. So, if there’s a safe available use it and if not hide your money and valuables in a secure place at your accommodation or keep them on you.

Remember, travel insurance policies vary in the cover levels that they offer, so it’s important to check and purchase one that suits your individual needs, this will ensure you aren’t left out of pocket should something go awry.